What Does the Term Marketing Mean?
Marketing Principles Assignment
“What does the term marketing mean? Many people think of marketing only as advertising and selling… although they are important they are only the tip of the marketing iceberg” (Kotler et al., 2008:6). Discuss this statement.
Introduction
Marketing is always one of the most significant parts in ensuring a successful business strategy. Saying so, what does the term marketing mean? Marketing, referred by McDaniel (2006), is an organizational function which is inclusive of interacting, inventing and sending out value to consumers and maintaining healthy customer relationships which is beneficial to organization and stakeholders. Kotler (2009) defined marketing as the social process whereby individuals and groups obtain what they demand through exchanging products with each others. The concept of exchanging takes place with various conditions whereby there is the existing of two parties and each has something of value to another. They are allowed to deal with anyone as in rejecting or accepting a deal. As such, Kotler (2009) cogitated that the exchanging serves both parties good. Advertising and selling are parts of the marketing process. Holistically, a promising marketing strategy comes with a myriad of researches, planning and preparations. Marketing process includes several steps. First and foremost, consumers’ needs should be well studied. Maslow (1970) grouped physiological needs, security needs, social needs, esteem needs, cognitive needs, aesthetic needs and self actualization as the hierarchy of seven human needs and stated that human will strive to achieve the each and every one of the needs. Marketing offerings, as in the combination of products, information or services for instance, food, clothes and entertainment will serve the purpose of satisfying these needs. (Kotler and Amstrong - 2009) Secondly, a customer-driven marketing strategy is necessary.
“What does the term marketing mean? Many people think of marketing only as advertising and selling… although they are important they are only the tip of the marketing iceberg” (Kotler et al., 2008:6). Discuss this statement.
Introduction
Marketing is always one of the most significant parts in ensuring a successful business strategy. Saying so, what does the term marketing mean? Marketing, referred by McDaniel (2006), is an organizational function which is inclusive of interacting, inventing and sending out value to consumers and maintaining healthy customer relationships which is beneficial to organization and stakeholders. Kotler (2009) defined marketing as the social process whereby individuals and groups obtain what they demand through exchanging products with each others. The concept of exchanging takes place with various conditions whereby there is the existing of two parties and each has something of value to another. They are allowed to deal with anyone as in rejecting or accepting a deal. As such, Kotler (2009) cogitated that the exchanging serves both parties good. Advertising and selling are parts of the marketing process. Holistically, a promising marketing strategy comes with a myriad of researches, planning and preparations. Marketing process includes several steps. First and foremost, consumers’ needs should be well studied. Maslow (1970) grouped physiological needs, security needs, social needs, esteem needs, cognitive needs, aesthetic needs and self actualization as the hierarchy of seven human needs and stated that human will strive to achieve the each and every one of the needs. Marketing offerings, as in the combination of products, information or services for instance, food, clothes and entertainment will serve the purpose of satisfying these needs. (Kotler and Amstrong - 2009) Secondly, a customer-driven marketing strategy is necessary.
References: 1. Jobber, D. (2001). Principles & Practice of Marketing, 3rd edition. McGraw Hill Publishing Company. England. 2. Jobber, D. (2007). Principles & Practice of Marketing, 5th edition. McGraw Hill Publishing Company. United Kingdom. 3. Kotler, P. and Armstrong, G. (2009). Marketing An Introduction, 9th edition. Pearson Prentice Hall. 4. Maslow, A. (1987). Motivation and Personality. New York: Harper Row. 5. McDaniel, C., Lamb, C.W. and Hair, J.F. (2006). Introduction to Marketing. Thomson South-Western.